Need Answer Please Provide it The following is a record of Ensberg Company's transactions for Colt Products for themonth of May 2017.May 1 Balance12600 units@ $10.00 May 10 SalePurchase 900 units@ $12.00 20450 units @ $19Sale 810 units @ $1928Purchase 600 units@ $15.00(a) Assuming that perpetual inventories are not maintained and that a physical count atthe end of the month shows 840 units on hand, what is the cost of the ending inventoryusing (1) FIFO and (2) LIFO?(b) Assuming that perpetual records are maintained and they tie into the general ledger,calculate the ending inventory using (1) FIFO and (2) LIFO.Tom Terry manufactures an intricately detailed plastic andmetal toy airplane. The following unit cost data pertain tothe unit cost of an airplane:Direct materialsDirect labor$ 5.0012.00Manufacturing overhead (50% fixed) 10.00Total manufacturing costs$27.00Assume that the airplane can be purchased from anoutside supplier. What is the relevant unit cost for thismake-or-buy decision?a. $5.b. $17.c. $27.d. $22.e. None of the above.

1. Inventory Valuation for Eyberg Company's Colt Products (a) Perpetual inventories are not…

Answered: The following is a record of Ensberg…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA

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